settlement offer

[Lee5]

Greetings:

I was offered a settlement with the condition being pay what I can on a 6K credit card and they would double the amount meaning the settlement would be 50% plus the creditor would put a now paying status on my credit report. These people have had this charge off for at least a year , and I had them sign for proof validation with no response.....what do you think.....If I did this what other assurances would need to get in writing??

[DocDon]

What you want is payment for removal of all negative information. "Now paying" does not remove the negative status of the account. A paid charge off, same as a paid collection are equally as bad. If they won't agree to removing all negative remarks, there is no deal.

[admin]

I'm assuming this is a collection account?? If so, I'd negotiate for no less than complete removal of the account from your report.

[Ravenous Wolf]

Lee5, you ought begin your settlement offer at the very bottom. What are the best terms for you.

Like, 30 percent of the debt and complete removal of the trade line.

And then work your way up.

It is almost impossible to work your down once you have started but it is a lot easier to work your way up.

Check out this thread for someone who has had quite a bit of success:

http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=13386

Since they have not responded to your DV, you may want to continue pursuing DV.

Getting no response can actually a good thing. Especially when you have a pile of green cards. You may want to surf the Debt Validation forum because it is loaded with plenty of threads and posts of people who have successfully dealt with CAs who did not respond to any DV CMRRR.

But if you are going to try to figure out some kind of settlement, then definitely surf through this forum because there are lots of approaches and tactics people have used.